Vinhomes JSCFY2018 Financial Results

1 February 2019

where happiness lives

Company Disclaimer

2

IMPORTANT: The information contained herein is preliminary and subject to change without notice, its accuracy is not guaranteed, has not been independently verified and may not contain all

material information concerning Vinhomes Joint Stock Company (the “Company”) and its subsidiaries (the “Group”). You should not rely upon it or use it to form the basis for any investment decision or

commitment whatsoever.

None of the Company, its shareholders, or any of their respective affiliates, directors, officers, employees, agents, advisers or any other person makes any representation or warranty (express or

implied) or accepts any responsibility or liability for the accuracy or completeness of this presentation or any or all of the information in this presentation or otherwise made available. It is not the

intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the financial or trading position or prospects of the Group. No part of this

presentation shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Further, nothing in this presentation should be construed as constituting legal,

business, tax or financial advice. You should conduct such independent investigations and analysis of the Group as you deem necessary or appropriate in order to make an independent determination

of the suitability, merits and consequences of investment in the Company.

This presentation contains “forward-looking statements”. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company’s control and

all of which are based on management’s current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as

“believe”, “expects”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “targets”, “plans”, “predicts”, “continues”, “assumes”, “positioned” or “anticipates” or the negative thereof,

other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are not guarantees of future

performance. These forward-looking statements speak only as at the date of this presentation, and none of the company, its shareholders, or any of their respective affiliates, directors, officers,

employees, agents, advisers or any other person undertakes to update or revise any forward-looking statements as a result of new information or to reflect future events or circumstances.

Key Messages

3

Strong residential sales

• Pre-sold 15,167 units with contracted sales of VND67.6 tn in FY2018 despite the delay in launches due to tightening regulatory

environment in Vietnam (4Q2018: pre-sold 12,443 units with contracted sales of VND45.0 tn)

• Launched 2 VinCity projects in 4Q2018 to robust customer reception. Pre-sold 11,247(1) units in VinCity projects after c.2 months of sale

• Healthy take-up rates(2) for 6 successful launches for FY2018 (3 of which in 4Q2018):

− Hanoi: Vinhomes West Point, VinCity Ocean Park, VinCity Sportia(3)

− Others: Vinhomes Star City Thanh Hoa, Vinhomes Marina (Hai Phong), Vinhomes New Center Ha Tinh

1

Notes: Based on Vinhomes JSC VAS FY2018 consolidated unaudited financial statements. (1) Includes 9,641 VinCity high-rise units and 1,606 Vinhomes low-rise villas within VinCity projects. (2) Take-up rate based on number of pre sold units including irrevocable

deposit contracts as of December 31, 2018, (3) Includes low-rise component namely Vinhomes Green Villa, (4) 2017 figures are pro-forma for the mergers and reorganization before the IPO of Vinhomes,

Record FY2018 revenue and profitability from deliveries of landmark projects in both Hanoi and HCMC

• FY2018 revenue and profitability driven by completion of 6 major projects including: Vinhomes Metropolis, Vinhomes Green Bay,

Vinhomes The Harmony in Hanoi, Vinhomes Central Park, Vinhomes Golden River in HCMC, and Vinhomes Imperia in Hai Phong

• FY2018 revenue of VND 38.8 tn, up 27% Y/Y and PBT of VND 19.6 tn, up 123% Y/Y. Q42018 revenue of VND 16.4 tn, up 47% Y/Y and

PBT of VND 4.5 tn, up 102% Y/Y(4)

2

3Favorable market outlook

• Absorption levels for Hanoi and HCMC remain very healthy at 86% and 100% respectively for Hanoi and HCMC, given supply constraints

• Stable to slight uplift in pricing trends especially in the mid-end segment

• Progress on infrastructure projects continues to increase connectivity for Vinhomes and VinCity projects

• Sales outlook supported by mortgage availability (VinCity Sportia and VinCity Ocean Park product offering with mortgages up to 35 years)

Robust pre-sale outlook for FY2019 and beyond

• Vinhomes plans to launch various projects in 2019, including VinCity Grand Park in 2019

• Actively working on the master planning for mega projects in Can Gio (Ho Chi Minh City) and Hai Phong for launches in 2020 and beyond

4

FY2018 at a Glance

4

New Pre-sold and

Deposits secured(4)

Notes: Based on Vinhomes JSC VAS FY2018 consolidated unaudited financial statements. (1) Include revenues of VND35.8 tn from Vinhomes projects & VND36.2 tn from BCC projects and VND2.5 tn gain from transfer of projects. BCC projects include Vinhomes Golden

River, Vinhomes Imperia, Vinhomes The Harmony, Vinhomes Dragon Bay and Vinhomes Thanh Hoa. They are held by Vingroup or its subsidiaries, where Vinhomes has an exclusive right to develop, market and receive 99% PBT, and the owners receive 1% PBT.

Vinhomes recognizes its BCC distribution and gain from selling Vinhomes Lotus and Vinhomes Dinh Tien Hoang projects as Finance Income. (2) Represents gross profit of property sales only. Include VND9.3 tn from Vinhomes projects, VND 13.0 tn from BCC projects,

VND 2.5 tn from transfers of the Vinhomes Lotus and Vinhomes Dinh Tien Hoang projects. (3) Compared with 2017 pro-forma consolidated unaudited financial statements prepared by management. (4) Estimated pre-sale under SPAs and pre-sale bookings under

deposits; # unit rounded to nearest ‘000.

Revenue from

Property Sales(1)

146% yoy(3)

Gross Profit(2)

New Bookings

secured(4)

Unbilled

Bookings(4)

Profit after Tax &

Minority Interest

44% yoy(3)

4Q2018FY2018

80% yoy(3)

VND

5.7 tn

2% yoy(3)

4Q2018FY2018

VND

24.7 tn

VND

21.4 tn

VND

74.4 tn

VND

14.2 tn

VND

2.3 tn

109% yoy(3) 48% yoy(3)

4Q2018FY2018

VND

67.6tn

3.8% yoy

VND

45.0tn

133.8% yoy

4Q2018FY2018

(As of 31 Dec 2018)

VND

69.8tn

FY2018

(As of 31 Dec 2018)

15,167

units

12,443

units

4Q2018FY2018

(As of 31 Dec 2018)

FY2018 and Q42018 Highlights

5Notes: Based on Vinhomes JSC VAS FY2018 consolidated unaudited financial statements. Yoy comparison is with Vinhomes JSC VAS FY2017 pro-forma consolidated unaudited financial statements prepared by management

(1) Vinhomes Golden River was consolidated into Vinhomes in June 2018. Prior to June 2018, Vinhomes recognized BCC distribution from Vinhomes Golden River as finance income. (2) Represents gross profit of property sales only. (3) Adjusted to exclude distribution

projects and Vinhomes Landmark 81. (4) Pro-forma adjusted for projects under BCC. (5) Include contracted sales from Vinhomes Golden River as of December 31, 2018. (5) Estimated pre-sale under SPAs and pre-sale bookings under deposits. Figures including

Vinhomes West Point (Hanoi), Vinhomes Star City Thanh Hoa, Vinhomes New Center (Ha Tinh), VinCity Ocean Park and VinCity Sportia (Hanoi), and other 12 other existing launched projects; # unit rounded to nearest ‘000. As of December 31, 2018.

Revenue from

Property Sales1

Profit Before

Tax4

Gross Profit &

Margin(2)2

Vinhomes Projects (Consolidated) BCC Projects (Equity Accounting)

• Total: VND 35.8 tn (4Q2018: VND 15.4 tn)

• Key contributors:

− VH Green Bay: VND 8.9 tn (4Q2018: VND 2.3 tn)

− VH Metropolis: VND 8.5 tn (4Q2018: VND 7.9 tn)

− VH Central Park: VND 7.7 tn (4Q2018: VND 2.2 tn)

− VH Golden River(1): VND 7.0 tn (4Q2019: VND 2.8 tn)

• Total amount: VND 36.2 tn (4Q2018: VND 5.8 tn)

• Key contributors:

− VH Golden River(1) (VND 14.2 tn) (4Q2018: VND 0)

− VH The Harmony (VND 12.8 tn) (4Q2018: VND 1.6 tn)

− VH Imperia (VND 7.5 tn) (4Q2018: VND 3.2 tn)

• Profit before tax was VND19.6 tn, ▲123 yoy, in which VND10.1 tn was from Vinhomes projects and VND 9.5 tn was from BCC

projects (4Q2018’s Profit before tax was VND 4.5 tn, ▲102% yoy, in which VND 2.0 tn was from Vinhomes projects and VND 2.5 tn

was from BCC projects)

• Consolidated profit after tax was VND 14.8 tn, ▲ 111% yoy (4Q2018’s consolidated profit after tax was VND 2.6tn, ▲63% yoy)

• Consolidated PATMI was VND 14.2 tn, ▲109% yoy (4Q2018’s consolidated PATMI was VND 2.3tn, ▲48% yoy)

• Gross profit: VND 9.3 tn (4Q2018: VND 2.5 tn)

• Gross profit margin: 25.9% (4Q2018: 15.9%)

• Adjusted Gross profit margin: 31.8% (4Q2018: 24.8%(3))

• Gross profit: VND 12.9 tn (4Q2018: VND 3.0 tn)

• Gross profit margin: 35.7% (4Q2018: VND 52.9%)

• Adjusted blended gross profit margin of 33.9% (4Q2018: 33.4%) (3)(4)

• Total number of units: 13,735 units (4Q2018: 12,256 units)

• Bookings: VND 54.5 tn (4Q2018: VND 42.7 tn)

• Cash collected/deposited: VND 27.5 tn (4Q2018: VND 10.0 tn)

• Unbilled bookings: VND 55.4 tn

• Total number of units: 1,432 units (4Q2018: 187 units)

• Bookings: VND 13.1 tn (4Q2018: VND 2.3 tn)

• Cash collected/deposited: VND 15.3 tn (4Q2018: VND 1.9 tn)

• Unbilled bookings(4): VND 14.4 tn

Pre-sales and

Bookings(5)5

Financial Performance 4Q2018 vs 4Q2017

6

Figures in VND bn

4Q2017

(Pro-forma)

4Q2018

(Actual)

Change

(%) Key Commentary

Sale of Inventory Properties 10,999 15,431 40.3%

• FY2018 revenue mostly came from handover of units at Vinhomes

Metropolis, Golden River, Central Park, Vinhomes Green Bay

• Q42018 revenue mostly came from Vinhomes Times City (Park Hill)

and part of Vinhomes Green Bay

Other Revenue 148 969 555%• Other revenue increased due to the merger of Vincom Construction

into Vinhomes in 4Q2018

Total Revenue 11,147 16,400 47.1%

Gross Profit 4,644 2,735 -41.1%

% Margin 40.0% 16.7% -2,300bps

• Q4 2017 margin is higher due to recognition mainly from Vinhomes

Central Park high-rise and low-rise

• Q4 2018 margin decreased c. 250bps vs Q4 2017 and lower than

normalized margin due to deliveries of relatively lower margin

distribution projects such as Vinhomes Thang Long and high-

construction cost project at Vinhomes Landmark 81.

Profit sharing from BCC projects 479 2,533 428%• Significant increase of profit distribution from BCC projects such as

Vinhomes The Harmony, Vinhomes Imperia, Dragon Bay and Star City

Operating Profit / (Loss) 2,652 4,575 72.5%

Profit / (Loss) before Tax 2,502 4,508 80.2%

Profit / (Loss) for the Period 1,839 2,558 39.1%

Profit / (Loss) after Tax and Minority Interest 1,771 2,347 32.5%

Note: Based on Vinhomes JSC VAS FY2018 consolidated unaudited financial statements. Yoy comparison is with Vinhomes JSC VAS FY2017 pro-forma consolidated unaudited financial statements prepared by management

(1) Pro forma adjusted for the merger and restructuring to form Vinhomes JSC from Hanoi Southern JSC and other entities including certain subsidiaries of Vingroup JSC which occurred during 4Q2017 and 1Q2018.

Gross Profit & Gross Profit Margin Analysis

4Q2018

Gross Profit

(VNDbn)

4Q2018

GPM

%

2018

Gross Profit

(VNDbn)

2018

GPM

%

Gross profit and Gross Profit Margin reported in the

consolidated financial statements (not including BCC

projects)2,450 16% 9,278 23%

Gross profit and Gross Profit Margin for all projects,

assuming consolidation of BCC projects5,539 26% 22,213 31%

GPM of all projects, excluding non-residential asset

transfers and one-off projects6,365 33% 22,555 34%

One-off projects include:

• Landmark 81 due to unique cost

structure (construction cost of much

taller buildings is higher than that of

ordinary projects)

• Distribution projects such as Vinhomes

Thang Long and a few units in

Vinhomes Riverside (phase 1)

Financial Performance FY2018 vs FY2017

7

Figures in VND bn

FY2017

(Pro-forma)(1)FY2018

(Actual)

Change

(%) Key Commentary

Sale of Inventory Properties 29,881 35,760 ▲20%

• Attributes from apartment / low rise handovers from:

– Metropolis: recognized VND8.3 tn in 2018 (nil in 2017)

– Green Bay: increased by VND7.4 tn

– Golden River: increased by VND6.5 tn

– Central Park: decreased by VND10.7 tn as most of the project was

recognized in 2017

Other Revenue 568 3,045 ▲436%• Increase in revenue from leasing, property management due to the

restructuring practice

Total Revenue 30,448 38,806 ▲27%

Gross Profit 11,847 9,726 ▼18%

% Margin 38.9% 25.1% ▼-1,384 bps

• Deliveries of extra-ordinary projects with thin margins: Vinhomes Thang

Long where Vinhomes only provides distribution services, and Vinhomes

Landmark 81 where Vinhomes incurred unusually high construction cost

Profit sharing from BCC projects 1,165 9,549 ▲720%• Delivery of units at Vinhomes Golden River, Vinhomes The Harmony,

Vinhomes Imperia and Vinhomes Sky Lake for a total value of VND 36.2tn

Operating Profit / (Loss) 8,748 19,596 ▲124%

Profit / (Loss) before Tax 8,617 19,609 ▲128%

Profit / (Loss) for the Period 6,817 14,754 ▲116%

Profit / (Loss) after Tax and Minority Interest 6,633 14,234 ▲115%

Note: Based on Vinhomes JSC VAS FY2017 and FY2018 consolidated unaudited financial statements. Yoy comparison is with Vinhomes JSC VAS FY2017 pro-forma consolidated unaudited financial statements.

(1) Pro forma adjusted for the merger and restructuring to form Vinhomes JSC from Hanoi Southern JSC and other entities including certain subsidiaries of Vingroup JSC which occurred during 4Q2017 and 1Q2018.

Rescheduled delivery of 735 units in three BCC projects into 1H2019 resulted in PATMI shortfall of VND2.6 tn

Vinhomes The

Harmony

Vinhomes Imperia (Hai

Phong)

Vinhomes Star City

(Thanh Hoa) Total

Number of units 165 360 210 735

Corresponding revenue from sale of inventory properties 3,388 3,225 1,292 7,905

Corresponding incremental proceeds to Vinhomes from BCC contracts 1,020 1,567 624 3,211

Net pro-forma addition / (deduction) to PATMI 2018 816 1,254 499 2,569

Financial Performance FY2018 (Vinhomes Projects & BCC Projects)

8

Figures in VND bn

The Harmony

(Hanoi, low-

rise)

Imperia

(Hai Phong,

low-rise)

Dragon Bay

(Quang Ninh,

low-rise)

Golden River

(HCMC,

mixed)

Thanh Hoa

(Thanh Hoa,

Low-rise)

Total BCC

projects

Revenue 12,804 7,517 838 14,202 841 36,203

Cost of Sale (8,074) (4,295) (320) (10,283) (296) (23,269)

Gross Profit 4,730 3,222 518 3,918 546 12,934

% Margin 36.9% 42.9% 61.8% 27.6% 64.9% 35.7%

SG&A (1,018) (739) (56) (1,007) (107) (2,926)

Other incomes & costs (367) - - 4 - (362)

PBT 3,345 2,483 463 2,915 439 9,645

PBT to Vinhomes (99%) 3,312 2,458 458 2,886 435 9,549

Figures in VND bn

FY2018

VHM

FY2018

BCC Projects

Gains from

project transfer

Total Adjusted

FY2018

Sale of Inventory Properties 35,760 36,203 2,467 74,430

Other Revenue 3,045 - - 3,045

Total Revenue 38,806 36,203 2,467 77,475

Cost of Sale (29,080) (23,269) - (52,349)

Gross Profit 9,726 12,934 2,467 25,127

Profit sharing from BCC projects 9,549 (9,549) - -

Operating Profit / (Loss) 19,595 - - 19,595

Profit / (Loss) before Tax 19,610 - - 19,610

Profit / (Loss) for the Period 14,755 - - 14,755

Profit / (Loss) after Tax and Minority Interest 14,234 - - 14,234

Summary BCC Project Performance and Reconciliation

Adding Performance of BCC and Transfer Projects into Vinhomes P&L Assuming Full Consolidation

Note: Based on Vinhomes JSC VAS FY2018 consolidated unaudited financial statements and management accounts of the five BCC projects

Operational Updates

where happiness lives

Upcoming FY19E Launch Update of VinCity

10

VinCity Ocean Park VinCity Sportia VinCity Grand Park

Location • Trau Quy Town, Gia Lam District, Hanoi

• 14km from CBD

• Nam Tu Liem District, Hanoi

• 3km from new CBD Hanoi

• District 9, HCMC

• 30-minute drive to city center

Site Area • 420 hectare • 281 hectare • 272 hectare

Development Period • 2018 – 2022 • 2018 – 2022 • 2019 – 2022

No. of Apartments • Approx. 44,000/ 66 buildings • Approx. 45,000/ 58 buildings • Approx. 43,500/ 71 buildings

No. of Low-Rise Villas • Approx. 2,400 • Approx. 100 • Approx. 1,600

Key Amenities • 6.1 ha salt water lagoon

• 117 ha water surface and greenery

• Vinmec hospital, K-12 education, VinUni

• Over 200 sport courts

• Educational and healthcare facilities

• 36 ha park with 5,000 sqm integrated

water play zone

• Educational and healthcare facilities

Launched Area in

2019

• Soft-launched in October 2018

• Additional over 13,500 units (targeted)

• Soft-launched in December 2018

• Additional c.17,500 units (targeted)

• Kick-off targeting Q1.2019

• 25,000 units (targeted)

Approvals secured() • 100% • 100% • Land Use Fee approvals and LUR

certificates to be secured in Q1.2019

Subject to regulatory approvals and market conditions. Figures rounded to the nearest 500.

(1) Typically include 1/500 Master Plan, Approval In-Principle or Investment Registration Certificate, Land Allocation Decision, Land Use Fee Decision and Land Use Right Certificate and Construction Permit

Positive Response for Inaugural Launch of VinCity

First launched

in Oct 2018

As of 31 Dec 2018,

we have launched

2 VinCity

projects

11,711

VinCity units

82% average

take-up rate

11

Healthy Take-up Rates for New Launches in 4Q2018

12

Vinhomes Marina

(Formerly Vinhomes Cau Rao 2)

VinCity Sportia(4)

(Formerly VinCity Park)

VinCity Ocean Park

(Formerly VinCity Gia Lam)

Location • Vo Nguyen Giap Street, Vinh Khiem Ward,

Le Chan District, Hai Phong City

• Nam Tu Liem District, Hanoi City • Trau Quy Town, Gia Lam District, Hanoi

Launch Date(1) • Dec 2018 • Dec 2018 • Oct 2018

Launched Products • Villas: 924 units

• NSA: 308,494 sqm

• VinCity apartments: 3,867 units

• Vinhomes villas: 98 units

• NSA: 231,150 sqm

• Apartments: ~ 7,850 units

• Villas: 2,395 units

• NSA: 1,126,330 sqm

ASP(2) (VND mm /

NSA sqm)• ~18 • Apartments: ~31

• Villa: ~87• Apartments: ~28

• Villas: ~36

% Booked(3) • 88% • 69% • 83%

Buyer Profile • Hai Phong is the third largest city in Vietnam

(after Hanoi and Ho Chi Minh City) in terms

of GDP contribution. The city is known for its

manufacturing, trading, ports and hospitality

industries

• Buyers mainly from Hai Phong, affluent

mass

• Apartments: targeting mass market

• Villas: targeting luxury mass

• Apartments: targeting mass market

• Villas: targeting luxury mass

Notes:

(1) Soft launch. (2) Tentative, excluding VAT and maintenance fees. (3) including irrevocable deposit contracts as of December 31, 2018. (4) Low-rise component called Vinhomes Green Villa

Development Progress of Existing Projects (as of Dec 2018)

13

Hanoi HCMC

• Inspired by New York’s Central Park, the

project includes the largest riverside park in

the city, and the tallest building in Vietnam

Landmark 81, at 461 meters

• Construction completed

• Delivery started in 4Q 2018

Vinhomes Central Park

• A high-end ecological urban area located in

Hanoi. Its villas incorporate French,

Indochinese, Venetian and Greek

architectural styles with large amounts of

open green space

• Phase 1: Construction completed and put

into operation

• Phase 2: Construction completed

• Delivery started and expected to

complete in 1Q 2019

Vinhomes The Harmony

• The only large-scale mixed-use project in the

exclusive diplomatic neighborhood in Ba Dinh,

one of the four central districts of Hanoi

• Construction completed. Delivery started in

Aug 2018

• Expected delivery to complete in 1Q 2019

Vinhomes Metropolis

• Exclusive luxury villa and apartment complex

located in a green space with an 8-hectare

reservoir and a 2.6-hectare park in Nam Tu

Liem District – the new administrative area of

Hanoi

• Low rise delivery almost completed

• High rise delivery in process

Vinhomes Green Bay

Hai Phong

Vinhomes Imperia

• A five-star mixed use complex with 1,500

luxury villas and a 45-storey hotel tower,

located in Hong Bang District, Hai Phong City

• Paris section: Construction completed.

Delivery almost completed

• Venice section: Construction completed.

Delivery almost completed

• Boutique houses: Topping out, putting on

finishing touches. First units being delivered

• Manhattan section: Construction completed.

Delivery almost completed

• Monaco section: Under construction due to

design adjustment. Expected delivery in

May 2019

• A mixed use development in Nam Tu Liem new

administrative area of Hanoi. It is adjacent and

looks over the 32-hectare Cau Giay park, with 19-

hectare water surface reservoir

• Topped out towers S1-S3 – process of finishing

• Expected delivery in April 2019

Vinhomes Sky Lake

• Located in the Tay Mo, Dai Mo area with

over 45,000 apartments and nearly 100

villas, the 280ha mega project has only a

14.7% construction density and a mega

sports complex with a plethora of unique

amenities.

• Under construction

• Expected delivery of in 2020

VinCity Sportia(1)

• The largest integrated mixed-use master

development in Hanoi. Encompassing over

420 hectares, the project follows the modern

Singapore style and offers a wide variety of

amenities for residents

• Under construction

• Expected delivery in 2019

Vinhomes Ocean Park

Notes:

(1) Low-rise component called Vinhomes Green Villa

Sustainable Land Bank Forms Pillar of Growth for Vinhomes

14

Land Bank by Site Area

(mm sqm)

18

145

Launched Pipeline Projects

(1)

Translates to

92mm sqm

of residential

GFA(1)(2)

~20x the land bank of

next largest

competitor in country

Unrivalled land bank in strategic locations with

c.15(3) years' worth of development and access to

sites earmarked for landmark projects

Source: (1) As of 31 Dec 2018. (2) Including apartments, officetel, shophouses, shop office, beach villa, clubhouse for sale, beach villa and condo-tel. Excludes 34mm sqm of potential land allocation and completed projects. 92mm sqm of

residential GFA converts into c. 60mm sqm of NSA. (3) Based on 92mm sqm total GFA for sale divided by average amount of residential GFA sold annually from 2018E – 2020E. Excludes 34mm sqm of potential land allocation. (4) Represents

residential GDV only. GDV is calculated based on net saleable area multiplied by the weighted average selling price of the project (based on middle of target ASP range per project.) (5) Includes pipeline and under construction projects,

Hanoi 16%

HCMC35%Quang Ninh

32%

Hung Yen 13%

Hai Phong 2%

Thanh Hoa 1% Ha Tinh 1% Hanoi

GFA: 15mm sqm

Ho Chi Minh City

GFA: 32mm sqm

Key

beneficiary of

upcoming

infrastructure

developments

Land bank by GFA for sale (mm sqm)(1)(2)

51% of residential GFA is located in key cities of HCMC and Hanoi

Gross development value(4) (2018 – 2024)

Total Residential GFA:

92mm sqm(3)

Hanoi 32%

HCMC 29%

Quang Ninh 10%

Hung Yen 23%

Hai Phong 3%

Thanh Hoa 2% Ha Tinh 1%

Hanoi

No. of Projects(5): 15

Ho Chi Minh City

No. of Projects(5): 10

61% of GDV is attributable to key cities of HCMC and Hanoi

Total GDV(2018 – 2024):

US$48.4bn

Moving Forward

where happiness lives

Moving into 2019

16Note: (1) Subject to regulatory approvals and market conditions

(2) Vinhomes Green Villa is the low-rise component in VinCity Sportia. Both are counted as one project

• Targeting to launch various new projects in Hanoi and Ho Chi Minh City, and

accelerating launch from projects that have been opened for sale in 2018, of which key

ones are VinCity Grand Park, VinCity Ocean Park and VinCity Sportia(2)

• The projects represent 14mn sqm residential GFA in Hanoi and 4.2mn sqm in HCMC

2019 Launches(1)1

• Introduced VinCity products to the market on 30 Sep 2018 – targeted at the mid-end

market with ASP of c. US$1,200 per sqm and smaller unit sizes of c. 60 sqm NSA

• Launched projects in FY2018 include VinCity Ocean Park and VinCity Sportia in Hanoi.

VinCity Sportia will feature enhanced convenience with Smart Home technology

• VinCity Grand Park in HCMC is expected to launch in 1Q2019

VinCity continues

to be the focus2

• Stable pricing level in mid-end segment working for new launch projects

• Absorption levels for Hanoi and HCMC remain healthy at 86% and 100% in Hanoi and

HCMC

• Supply in 2018 decreased as a result of delayed launches from a tightening regulatory

environment. However, Vinhomes successfully maintained its pre-sales over the same

period due to superior execution capabilities

Market

Conditions3

CBDVinhomes Sky Lake

Vinhomes

Metropolis

Vinhomes

Royal CityVinhomes Times City

Vincom Ba Trieu

Vinhomes

Green Bay

Vinhomes

The Harmony

364 ha

Project B

(Vinhomes)

Vinhomes

West Point

Project C (Vinhomes)

Project D

(Vinhomes)

Vinhomes

Riverside

Project A (Vinhomes)

Vinhomes Properties

Hanoi

City Centre

Ho Chi Minh City

Source: CBRE, Company Information.

In 2019 Vinhomes expect to launch 9 new projects in Hanoi (5 projects), Ho Chi Minh City (3 projects) and Hai

Phong (1 project)

Under development and pipeline Upcoming Hanoi Metro Lines Under development and pipelineHCMC Metro Line 1 Upcoming Metro Lines

(before 2030)

Rach Chiec

Phuoc Long

Binh Tho

Thu Duc

Hi-Tech Park

Suoi Tien

New Eastern Bus Station

Long Binh

Depot

New Port

District 9

District 1

Phu Nhuan

District

Bin Thanh

District

Go Vap

District

Thu Duc District

District 2

Ben Thanh

Opera HouseBa Son

Thao DienAn Phu

Vinhomes Central ParkDistrict 3

Van Thanh

Vinhomes Golden River

Vinoffice Dong Khoi

CBD

Project C

(Vinhomes)

Project A (Vinhomes)

Vinhomes / VinCity Properties City Centre

VinCity

Sportia

Vinhomes Nguyen Chi Thanh

Project E

(VinCity)

VinCity

Ocean Park

Project B

(VinCity)

Key Launches for 2019

17

Key Deliveries for 2019

18

Vinhomes MetropolisVinhomes The

HarmonyVinhomes Imperia Vinhomes Green Bay

Vinhomes Golden

River

Location Lieu Giai Street, Ba

Dinh District, Hanoi

Viet Hung Ward, Long

Bien District, Hanoi

Bach Dang Street,

Hong Bang District, Hai

Phong

Thang Long Ave, Nam

Tu Liem District, Hanoi

Ton Duc Thang Street,

District 1, HCMC

Launched

Product

• 1,594 apartments &

shophouses

• 1,404 villas • 1,529 villas • High-rise: 2,844

units

• Villas: 391 units

• High-rise: 2,741

units

• Villas: 63 units

Pre-sold • 99% • 96% • 90% • High-rise: 100%

• Villas: 96%

• High-rise: 96%

• Villas: 87%

Delivery Start

Date(1)

• Q4 2018 • Q4 2017 • Q4 2017 • High-rise: Q4 2018

• Villas: Q4 2017

• Q4 2017

Delivery to

Date(2)

• 6% • 85% • 56% • High-rise: 0%

• Villas: 97%

• High-rise: 94%

• Villas: 40%

ASP(4)

(VND mm /

NSA sqm)

• > 60 • > 40 • > 20 • High-rise: > 40

• Villas: > 60

• High-rise: > 90

• Villas: > 150

Notes:

(1) Delivery start date. (2) Number of units delivered to date as a % of total units sold. (3) Estimate delivery in 2H2018. (4) ASP for NSA to be delivered in 2H2018.

Low rise components of

select projects such as

VinCity Ocean Park,

VinCity Sportia,

Vinhomes Marina

Continued Support from Customers and Mortgage Lenders

19Notes:

(1) For all units sold in Vinhomes projects from the incorporation of the residential business in Vingroup until 31 December 2018, excluding projects launched before 2015 (i.e. Vinhomes Royal City and Vinhomes Times City). (2) Compared to foreigners take up rate for all

units sold in Vinhomes projects from the incorporation of the residential business in Vingroup until 31 December 2017, excluding projects launched before 2015. (3) Compared to mortgage penetration rate for all units sold in Vinhomes projects from the incorporation of the

residential business in Vingroup until 31 December 2017, excluding projects launched before 2015

FOREIGN BUYERS(1)

11%119 bps(2)

MORTGAGES

58%

361 bps(3)

Vinhomes Central Park, Golden River and Vinhomes Metropolis

generate strong demand from foreign buyers, because they are

located at CBD areas in major cities of Vietnam

Vinhomes Central Park (HCMC)

• Inspired by New York’s Central Park, the project includes the largest

riverside park in the city, and the tallest building in Vietnam

Landmark 81, at 461 meters

Vinhomes Golden River (HCMC)

• One of the most exclusive and luxurious projects on the Saigon River

and in the heart of District 1, Ho Chi Minh City. The project offers

convenience at your fingertips with Smart Home technology.

Vinhomes Metropolis (Hanoi)

• The only large-scale mixed-use project in the exclusive diplomatic

neighborhood in Ba Dinh, one of the four central districts of Hanoi

Percentage of foreign buyers declined by 119 bps from a year ago due

to low percentage of foreign buyers at VinCity projects

• Proportion of sold units with a mortgage was 55% on average

(cumulatively for all projects sold by Vinhomes as of Dec 31, 2018)

• Proportion of sold units with a mortgage depends on clients’

preferences, locations and sales policy

• Projects with highest number of sold units with a mortgage were

Star City Thanh Hoa (80%), Green Bay (76%), The Harmony (69%)

and New Center Ha Tinh (68%)

• Vinhomes homebuyers often enjoy more favorable interest rates

relative to the market thanks to good relationship between the project

developer and large banks

• Typical financial supports offered to homebuyers include interest

support provided by developers for 18 to 24 months, and a grace

period for principal payments during the period of interest support

• VinCity Ocean Park and VinCity Sportia buyers can take out a

mortgage of up to 35 years.

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2015 2016 2017 2018

Luxury High-end Mid-end Affordable

20

Hanoi

Sold Units

Transaction volume down due to lack of supply Stable pricing level in mid-end segment waiting for new launch projects

US$/sqm

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2015 2016 2017 2018

Luxury High-end Mid-end Affordable

Ho Chi Minh City

Sold Units

Sales slowed down, absorption rate remained high Selling price expected to increase amid slight drop in launch

US$/sqm

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

2016 2017 2018 2019F 2020F 2021F

Luxury High-end Mid-end Affordable

Forecast

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

2016 2017 2018 2019F 2020F

Luxury High-end Mid-end Affordable

Forecast

Source: CBRE

Supply Constraints Helps Support ASP and Absorption Rate

▼11%

y-o-y

Decrease in 2018 market supply due to delayed

launches from tightening regulatory environment

▼12%

y-o-y

Decrease in 2018 market supply due to delayed

launches from tightening regulatory environment

80% 78% 82% 86%Absorption

rate

88% 90% 113% 101%Absorption

rate

Infrastructure Development Underway

21

Visible and meaningful progress on infrastructure developments will boost real estate capital values

and greatly increase connectivity for Vinhomes projects

Road

Expansion

Metro Line # 2

Cat Linh – Ha Dong

Metro Line # 3

Nhon – Hanoi Station

Metro Line # 1

Ben Thanh – Suoi Tien

Connecting the

Old to the New City

Vinhomes Projects in

Close Proximity

• Vinhomes Riverside

• Vinhomes The Harmony

• Vinhomes Times City

• Vinhomes Royal City

• Vinhomes Ocean Park

• Vinhomes Galaxy

• Vinhomes Gallery

• Vinhomes Metropolis

• Vinhomes Gallery

• Vinhomes Golden River

• Vinhomes Central Park

• Central Park

• Golden River

Development Status • Various projects under

construction include

elevated Ring road #2,

segments of Ring road #3,

overpasses in CBD areas

• Projects under

development include

Ring road #3.5 and #4

• Construction completed

• Trial run began in July

2018

• Commercial operation to

start by year end

• About 45% completed

• Commercial operation to

start by 2023

• About 56% completed

• Commercial operation to

start by 2021

• Projects under

development include

Metro Line #2, Thu Thiem

4 bridge

Other Commentary • Overall improvement to

VinCity projects from

enhanced infrastructure

• Key projects improving

infrastructure to and within

District 2 (the new city)

include Thoi Dai bridge

(completed), My Thuy

Intersection (completed),

Metro Line #1 (under

construction)

Hanoi HCMC

Source: Company, CBRE

Financial Highlights

where happiness lives

Financial Performance Overview

978 2,795 2,109

19,609

2015 2016 2017 2018

795 1,649 1,410

14,234

2015 2016 2017 2018

23

Profit before Tax Profit after Tax and Minority Interest

VND bn VND bn

3,929 9,339 12,780 35,760 161

133 263

916

831

1,745 2,254

2,130

4,920

11,217 15,297

38,806

2015 2016 2017 2018

Sale of Inventory Properties Leasing Others(1)

1,395 4,101 4,281

9,278

6 (3) (12)

298

356 898

448

1,401

4,454 5,167

9,726

2015 2016 2017 2018

Sale of Inventory Properties Leasing Others

Total Revenue Gross Profit and Gross Profit Margin

VND bnVND bn

Note: Based on VAS Audited Consolidated Financial Statements for 2015, 2016, 2017 and VAS Unaudited Consolidated Financial Statements for 2018. (1) Includes revenue from general contractor services, real estate management services and others

Adjusted EBITDA and Margin(3),(4) Adjusted PATMI(5)

VND bn VND bn

Total Revenue Gross Profit and Gross Profit Margin

VND bnVND bn

Financial Performance Overview

11,74720,879

44,960

71,963

473434

952

916

721393

886

2,130

12,940

21,705

46,798

75,009

2015 2016 2017 2018

Sale of Inventory Properties Leasing Others

4,630 8,622

17,485 22,213

139

175

483 298

-

91

23

2,130

4,769

8,887

17,991

24,641

2015 2016 2017 2018

Sale of Inventory Properties Leasing Others

38.9%

50.8%

41.3%

40.3%

39.4%

29.3%

Margin

2,0325,581

13,822

35,208

3,359333

1,259552

502

999

1,136

131

262

322

2,998

11,460

15,832

35,208

2015 2016 2017 2018

33.8%37.3%(4)23.2%Margin

1,267

4,383

9,601

14,2342,687

333

1,259

552

402

799

909

105

209

257

2,107

9,338

11,319

14,234

2015 2016 2017 2018

Margin for Sale of Inventory Properties

Margin for Leasing

Note: The financials as presented above are illustrative and based on the arithmetic aggregation of (i) Vinhomes JSC audited general purpose financials for FY2015-2017 and (ii) Excluded

Projects financials for FY2015-2017.

1) Others principally comprises revenue from general contractor services, real estate management services and others.

2) Total gross profit in 2015 includes negative gross profit of US$3.0mm from others segment.

3) Includes other operating income and other operating expenses and adjusted for (i) sponsorship & donation, (ii) sales consulting fees (not expected to be incurred post acquisition of

Vinhomes Property Management (“VHPM”) in 2018; however, this excludes any in-house costs at VHPM that may be incurred by Vinhomes JSC) and (iii) trademark fees previously paid

to Vingroup JSC, which are not expected to be incurred going forward.

(1)

4) Adjusted EBITDA margin calculation excludes other operating income recognized from block sale of 6 buildings in Vinhomes Central Park.

5) Adjusted for (i) sponsorship & donation, (ii) sales consulting fees (not expected to be incurred post acquisition of VHPM in 2018; however, this excludes any in-house costs at VHPM that may be

incurred by Vinhomes JSC) and (iii) trademark fees previously paid to Vingroup JSC which are not expected to be incurred going forward. Adjustments for (ii) and (iii) are adjusted for tax (20%

corporate tax rate assumed, except for Excluded Projects financials in 2015, where corporate tax rate assumed was 22%).

(2)

PATMI PATMI Attributable to Block Sale of 6 Buildings in Vinhomes Central Park

Sponsorship & Donation Sales Consulting Fees Trademark FeesAdjusted EBITDA Margin

EBITDA EBITDA Attributable to Block Sale of 6 Buildings in Vinhomes Central Park

Sponsorship & Donation Sales Consulting Fees Trademark Fees

33.9%

32.6%

24

46.9%

3,890

9,157

15,327

31,909

975 2,802 1,562

4,525

2015 2016 2017 2018

Total Borrowings Cash and Cash Equivalents

VND bn

Total Assets Inventory

VND bn

VND bn

Total Cash & Cash Equivalents(2) and Total Borrowings

VND bn

Total Equity

7,129 9,549 10,124

48,119

2015 2016 2017 2018

6,146 8,475

17,006

27,090

2015 2016 2017 2018

Balance Sheet Overview

25

12,377 16,492

44,421

80,466

12,930 21,029

6,883

37,342

25,307 37,521

51,304

117,808

2015 2016 2017 2018

Current Assets Non-current Assets

Note: Based on VAS Audited Consolidated Financial Statements for 2015, 2016, 2017 and VAS Unaudited Consolidated Financial Statements for FY2018

(1) Due to consolidation and establishment of Vinhomes JSC. (2) Cash and cash equivalents includes short-term investments.

(1)

(1)

(1)

(1)

Key Credit Metrics

10.6

9.1

2017 2018

27.7%

24.0%

2017 2018

Net Debt(1) / (Total Assets – Cash & Cash Equivalent) Net Debt(1) / Equity

136.0%

56.9%

2017 2018

Times

Interest Coverage Ratio(2)Total Debt / Total Assets

29.9%

27.1%

2017 2018

26Notes: Based on VAS Unaudited Consolidated Financial Statements for FY2018

(1) Net Debt = (Short-term Borrowings + Long-term Borrowings) – (Cash & Cash Equivalent + Short-term Investment).

(2) Interest Coverage Ratio =EBIT/ Interest Expenses. Numbers based on pro-forma consolidated unaudited financial statements prepared by management

Appendix

where happiness lives

• In Hanoi, Vinhomes’ projects can achieve a

much higher ASP

• VinCity Ocean Park able to sell at a premium

due to:

− Reputation of Vinhomes as a developer

− Scale / amenities

− Construction quality

15% higher ASP than peers(1)

Case Study: VinCity Competitive Positioning

28

VinCity well poised for future growth given unrivalled brand equity and positive spill-over effects

VinCity

Ocean Park

Ecopark –

Palm Forest

Ecopark –

AquaBay

Hanoi Garden –

Canal Park

Northern

Diamond

Gamuda –

Zen Residence

Unit Size

(sqm / unit)

• 28 - 76

(1 - 3 BRs)

• 71 - 91

(2 - 3 BRs)

• 47 - 109

(1 - 3 BRs)

• 86 - 184

(2 - 3 BRs)

• 94 – 107 • 52 - 106

(1 - 3 BRs)

ASP

(US$ / sqm)

• - • 906 • 1,004 • 773 • 1,124 • 1,167

Developer • Vinhomes • Vihajico • Vihajico • Berjaya –

Handico12

• Incomex • Gamuda

Land

Other Factors as Compared to Vinhomes

Location,

Accessibility,

Infrastructure

• ▼ • ▼ • ▲ • ▲ • ▲

Developer • ▼ • ▼ • ▼ • ▼ • ▼

Scale /

Amenities• ▼ • ▼ • ▼ • ▼ • ▼

Construction

Quality

• -- • -- • ▼ • ▼ • --

Unit Size • ▲ • ▲ • ▲ • ▲ • ▲

Management

Company

• -- • -- • ▼ • ▼ • ▼

VinCity Properties Command a Premium Over Comparable Hanoi Projects … Validated through

Assessment by International

Experts

1

10 – 15% higher ASP than peers(1)1

Source: Company, Int’l Broker #1, Int’l Broker #2 (names to be revealed subject to clearance)

Note: (1) Refers to surrounding comparable projects.

• Unrivalled brand equity driving steady customer demand

• Unique integrated ecosystem offering of complementary suite of amenities / facilities

Int’l

Broker #1

Int’l

Broker #2